Q1 26 EPS
$0.31
Q1 26 Revenue
$3.59B
MISS 1.27%
Est. $3.64B
vs S&P Since Q1 26
-27.0%
TRAILING MARKET
TSCO -24.7% vs S&P +2.4%
Market Reaction
Did TSCO Beat Earnings? Q1 2026 Results
Tractor Supply delivered a disappointing first quarter of fiscal 2026, missing on both the top and bottom lines as SG&A deleverage and a heavier store investment cadence weighed on profitability. The rural retail chain posted diluted EPS of $0.31, fa… Read more Tractor Supply delivered a disappointing first quarter of fiscal 2026, missing on both the top and bottom lines as SG&A deleverage and a heavier store investment cadence weighed on profitability. The rural retail chain posted diluted EPS of $0.31, falling short of the $0.34 consensus estimate by 8.96%, while revenue of $3.59 billion trailed the $3.64 billion forecast by 1.27%, even as net sales grew 3.6% year-over-year. The primary culprit was cost pressure from an accelerated store expansion, with the company opening 40 new locations in the quarter compared to just 15 in Q1 2025, driving SG&A as a percentage of sales up 70 basis points to 29.7% against a comparable store sales gain of only 0.5%. Operating income fell 6.3% to $233.43 million as fixed costs outpaced modest traffic growth. Analysts had already trimmed estimates heading into the print amid broader caution. Despite the shortfall, management held its full-year 2026 outlook steady, guiding for net sales growth of 4% to 6% and diluted EPS of $2.13 to $2.23.
Key Takeaways
- • Robust new store openings drove net sales growth of 3.6%
- • Comparable store sales increased 0.5%, turning positive after a 0.9% decline in Q1 2025
- • Comparable average ticket increased 1.6%
- • Strong double-digit growth in digital sales
- • Market share gains in farm and ranch category
- • Four of five product categories delivered positive comparable sales growth
- • Big ticket items showed strength
- • Disciplined product cost management held gross margin flat at 36.2%
- • SG&A deleveraged 70 basis points due to low comp growth and accelerated store openings
TSCO Forward Guidance & Outlook
Tractor Supply reaffirmed its fiscal year 2026 outlook: net sales growth of +4% to +6%, comparable store sales growth of +1% to +3%, operating margin rate of 9.3% to 9.6%, net income of $1.11 billion to $1.17 billion, and diluted EPS of $2.13 to $2.23.
TSCO YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
“We delivered solid performance across the majority of our business in the first quarter, supported by our needs-based model and ongoing customer engagement. We continued to gain market share in farm and ranch and had strong double-digit growth in digital sales. Performance was positive across four of our five product categories. While companion animal trailed the Company average, we are taking decisive actions to improve its performance. I want to thank our more than 52,000 Team Members for their ongoing dedication to serving our customers and living our Mission and Values each day.”
— Hal Lawton, Q1 2026 Earnings Press Release
TSCO Earnings Trends
TSCO vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TSCO EPS Trend
Earnings per share: estimate vs actual
TSCO Revenue Trend
Quarterly revenue: estimate vs actual
TSCO Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $0.31 | — | $3.59B | -1.27% |
| Q4 25 MISS FY | $0.47 | $0.43 | -8.51% | $3.90B | -2.39% |
| FY Full Year | $2.10 | $2.06 | -1.68% | $15.52B | -0.61% |
| Q3 25 BEAT | $0.48 | $0.49 | +1.68% | $3.72B | -0.07% |
| Q2 25 BEAT | $0.80 | $0.81 | +0.95% | $4.44B | +0.98% |
| Q1 25 MISS | $0.37 | $0.34 | -7.93% | $3.47B | -1.85% |